1 00:00:02,839 --> 00:00:05,900 Speaker 1: I'm just surprised that you have a google sheet like him. 2 00:00:06,099 --> 00:00:08,880 Speaker 1: I know because we always tease him about his sheets, right? 3 00:00:08,890 --> 00:00:11,189 Speaker 1: And then you actually have a hypocrite. 4 00:00:12,350 --> 00:00:15,689 Speaker 1: Yeah, I do know that there are some couples that 5 00:00:15,899 --> 00:00:23,909 Speaker 1: even after married, right? Like yesterday, the dinner $10. You 6 00:00:23,920 --> 00:00:24,930 Speaker 1: haven't paid me back. 7 00:00:32,479 --> 00:00:34,520 Speaker 1: Hey, everyone and welcome back to the hot pot where 8 00:00:34,529 --> 00:00:37,540 Speaker 1: we hop into different transitions in life. I'm k, I'm Joey. 9 00:00:37,549 --> 00:00:39,970 Speaker 2: I'm Nick and today we have two very special guests 10 00:00:39,979 --> 00:00:41,409 Speaker 2: with us. It's Amanda and 11 00:00:41,418 --> 00:00:41,939 Speaker 1: Justin. 12 00:00:43,759 --> 00:00:45,299 Speaker 2: Please introduce yourselves. 13 00:00:45,310 --> 00:00:49,080 Speaker 1: Hello, I am Amanda. I'm Justin, I'm Amanda's husband. 14 00:00:50,650 --> 00:00:51,369 Speaker 1: Oh, you 15 00:00:55,069 --> 00:00:56,060 Speaker 2: wear the pants in this? Really? 16 00:00:56,090 --> 00:00:59,049 Speaker 1: Actually, I'm wearing his pants actually. Literally, I'm wearing his 17 00:00:59,060 --> 00:01:03,069 Speaker 1: pants now. It is a thing where couples share clothes. No, 18 00:01:03,080 --> 00:01:04,389 Speaker 1: I was a bit upset that I could fit into 19 00:01:04,400 --> 00:01:07,910 Speaker 1: his pants, but it's OK. Never mind. You look great. 20 00:01:08,099 --> 00:01:10,959 Speaker 1: You look wonderful. I cannot pull my husband's pants past my. 21 00:01:12,629 --> 00:01:15,089 Speaker 1: But yes. How long have we been married for? I 22 00:01:15,099 --> 00:01:18,330 Speaker 1: think two years, almost 33 years, two years, past three years. 23 00:01:18,550 --> 00:01:20,980 Speaker 1: Do you always forget how long you've been together with 24 00:01:20,989 --> 00:01:24,250 Speaker 1: your partners? No. No, that was a very fast note. 25 00:01:24,319 --> 00:01:24,550 Speaker 2: My 26 00:01:24,559 --> 00:01:25,919 Speaker 2: one year anniversary is next week. 27 00:01:25,980 --> 00:01:26,080 Speaker 1: Congrats. 28 00:01:28,959 --> 00:01:30,860 Speaker 2: I'm not planned anything at all. You don't say 29 00:01:31,059 --> 00:01:31,389 Speaker 1: things, 30 00:01:32,019 --> 00:01:33,900 Speaker 2: but this will air after the anniversary. 31 00:01:35,139 --> 00:01:37,139 Speaker 2: I still got four or five days to sort it out. 32 00:01:37,589 --> 00:01:40,680 Speaker 1: Anyway, today's topic is something that is more relevant for 33 00:01:40,690 --> 00:01:44,378 Speaker 1: most couples and it's all about managing couple finance, be 34 00:01:44,389 --> 00:01:47,379 Speaker 1: dating or married. As long as you are in a relationship, 35 00:01:47,389 --> 00:01:50,720 Speaker 1: we are going to get into the specifics on couple finance. So, 36 00:01:50,730 --> 00:01:53,860 Speaker 1: Amanda and Justin, I assume you guys manage your finances 37 00:01:53,870 --> 00:01:55,059 Speaker 1: very well. 38 00:01:56,430 --> 00:01:58,050 Speaker 1: I think so. I think so. I think so. 39 00:01:59,010 --> 00:02:01,050 Speaker 2: They, like, manage their mouth, gave them strong one. 40 00:02:02,779 --> 00:02:07,870 Speaker 1: The word is not dear. It's mine. Ok. Yeah, three years, definitely. 41 00:02:08,710 --> 00:02:10,860 Speaker 2: So, what's the dynamics between the two of you? Who's the, 42 00:02:11,330 --> 00:02:13,330 Speaker 2: who's the one that's managing all the finances? 43 00:02:13,339 --> 00:02:18,138 Speaker 1: I'm the princess. I love. Are you at like a 44 00:02:18,389 --> 00:02:20,579 Speaker 1: carton level? 1000 miles 45 00:02:21,740 --> 00:02:22,690 Speaker 2: is very little. I'm half 46 00:02:23,220 --> 00:02:25,600 Speaker 1: a million. 47 00:02:25,619 --> 00:02:25,630 Speaker 2: A 48 00:02:25,639 --> 00:02:25,960 Speaker 1: million. 49 00:02:25,979 --> 00:02:26,789 Speaker 2: A million. 50 00:02:27,339 --> 00:02:28,059 Speaker 1: Oh, my God. 51 00:02:28,070 --> 00:02:31,389 Speaker 1: So, how financially savvy are you guys? I, this kind 52 00:02:31,419 --> 00:02:34,089 Speaker 1: of question? Ok. I look at him. How financially savvy 53 00:02:34,100 --> 00:02:36,940 Speaker 1: are you? I think. Ok, I think, ok, that you 54 00:02:36,949 --> 00:02:40,460 Speaker 1: just said half a meal, half a meal miles of money. 55 00:02:41,229 --> 00:02:42,119 Speaker 1: Oh, it's still very 56 00:02:42,130 --> 00:02:42,649 Speaker 1: different. 57 00:02:42,860 --> 00:02:45,529 Speaker 2: Ah, my net worth is 500 K miles. 58 00:02:47,350 --> 00:02:52,220 Speaker 1: I know you're still gonna use that from now. Right. Honestly, 59 00:02:52,309 --> 00:02:55,490 Speaker 1: if I'm primary school he's in university, that's like the 60 00:02:55,500 --> 00:02:56,519 Speaker 1: level of 61 00:02:57,199 --> 00:02:58,989 Speaker 1: the game we play is I try to give her 62 00:02:59,000 --> 00:03:02,089 Speaker 1: like finance acronyms and see whether she can guess. 63 00:03:02,100 --> 00:03:03,889 Speaker 2: Then is it like, every time you try to teach 64 00:03:03,899 --> 00:03:06,029 Speaker 2: or educate then they will listen, like she will listen 65 00:03:06,038 --> 00:03:06,820 Speaker 2: 10 seconds then 66 00:03:06,830 --> 00:03:08,889 Speaker 1: like, she will put the effort to try and understand 67 00:03:08,899 --> 00:03:11,410 Speaker 1: she's getting better at it already. So I appreciate it. 68 00:03:19,000 --> 00:03:21,570 Speaker 1: But no, because his level is at a level where 69 00:03:22,008 --> 00:03:25,630 Speaker 1: how he must really like explain that. I'm four years old, 70 00:03:25,899 --> 00:03:30,220 Speaker 1: you know, really parenting vibes. Yes, gentle. Although sometimes a 71 00:03:30,229 --> 00:03:33,240 Speaker 1: bit getting not very gentle. So that just don't parent 72 00:03:33,250 --> 00:03:35,960 Speaker 1: just do. I never, I do or if not, for example, 73 00:03:35,970 --> 00:03:38,059 Speaker 1: now whatever credit cards I'm using, right. It's all his 74 00:03:38,360 --> 00:03:40,970 Speaker 1: so that he can clock like the mouse and no 75 00:03:40,979 --> 00:03:46,679 Speaker 1: wonder how our weaponized incompetence. Yes, I think so. But 76 00:03:46,690 --> 00:03:47,440 Speaker 1: it's like, it's cute. 77 00:03:49,039 --> 00:03:49,660 Speaker 1: I get to be a 78 00:03:49,690 --> 00:03:50,869 Speaker 1: princess but I 79 00:03:50,889 --> 00:03:52,880 Speaker 2: have some friends. The dynamic is flip. No. So it's 80 00:03:52,889 --> 00:03:55,320 Speaker 2: like the wife that is the one that is like 81 00:03:55,330 --> 00:03:58,919 Speaker 2: the mouse chaser and like the financially 71 and then 82 00:03:58,929 --> 00:04:01,110 Speaker 2: the husband is there is the passenger princess 83 00:04:01,190 --> 00:04:01,589 Speaker 1: so much. 84 00:04:02,029 --> 00:04:03,929 Speaker 2: So I think the important thing is that we never 85 00:04:03,949 --> 00:04:05,130 Speaker 2: couple as long as got one 86 00:04:06,000 --> 00:04:08,399 Speaker 1: in your dynamics. I mean, obviously you sorry, I'm looking 87 00:04:08,479 --> 00:04:13,419 Speaker 1: at joy. I think we're both pretty chill actually. Like 88 00:04:13,429 --> 00:04:14,860 Speaker 1: I do have some friends 89 00:04:15,240 --> 00:04:19,229 Speaker 1: that are like inverse. I just some friends who are 90 00:04:19,238 --> 00:04:22,359 Speaker 1: like we're ok and they do really well and I 91 00:04:22,369 --> 00:04:24,969 Speaker 1: take comfort in that because I find that when people 92 00:04:24,980 --> 00:04:27,410 Speaker 1: say it's passive, right? It's really not passive every day, 93 00:04:27,420 --> 00:04:30,669 Speaker 1: they're checking every day, they check the stocks and I'm like, 94 00:04:30,678 --> 00:04:33,040 Speaker 1: I can't deal with that. So actually for a lot 95 00:04:33,049 --> 00:04:35,980 Speaker 1: of couples talking about finances can be quite challenging 96 00:04:36,299 --> 00:04:37,910 Speaker 1: and awkward at the start. So how do you guys 97 00:04:37,920 --> 00:04:40,519 Speaker 1: first broach the topic, I think it started from when 98 00:04:40,529 --> 00:04:43,238 Speaker 1: he had his own business at that time. So at 99 00:04:43,250 --> 00:04:47,369 Speaker 1: that time, he was struggling, struggling, he was struggling. So 100 00:04:47,380 --> 00:04:49,600 Speaker 1: he had his own business. So like the concept of 101 00:04:49,609 --> 00:04:53,399 Speaker 1: money to him is very important. Cash flow is your life. 102 00:04:53,790 --> 00:04:56,329 Speaker 1: So every dollar you spend, you are like, oh cannot, 103 00:04:56,339 --> 00:04:58,618 Speaker 1: don't dare spend. So true that I learned a lot. 104 00:04:58,630 --> 00:05:01,100 Speaker 1: I think I spoke about this online before I went 105 00:05:01,109 --> 00:05:01,959 Speaker 1: on my first date with him. 106 00:05:02,220 --> 00:05:04,349 Speaker 1: We went to eat fried chicken and then that fried 107 00:05:04,359 --> 00:05:06,059 Speaker 1: chicken was like, it came out to be around like 108 00:05:06,070 --> 00:05:10,720 Speaker 1: $17 per person. Then after he said something that made 109 00:05:10,730 --> 00:05:14,219 Speaker 1: me very guilty, he said $17 that he joke like 110 00:05:14,230 --> 00:05:16,500 Speaker 1: he didn't mean it in a mean way. What is 111 00:05:16,510 --> 00:05:20,469 Speaker 1: like my food budget for the entire week? It's true. 112 00:05:21,820 --> 00:05:24,450 Speaker 1: And I was like, I make him eat like $17 113 00:05:24,459 --> 00:05:27,029 Speaker 1: per person at the corner like sucking the cartilage off 114 00:05:27,040 --> 00:05:28,880 Speaker 1: like that. Either way 115 00:05:31,049 --> 00:05:33,890 Speaker 1: I like I do, I cannot finish that I put 116 00:05:33,899 --> 00:05:35,880 Speaker 1: then maybe I thought he was, oh, I cannot finish. 117 00:05:35,970 --> 00:05:40,359 Speaker 1: Was you saw like he one good meal, right? For 118 00:05:40,369 --> 00:05:43,768 Speaker 1: the entire week. Yeah. But although he was poor at 119 00:05:43,779 --> 00:05:46,480 Speaker 1: that time, I saw like potential. I saw like the 120 00:05:46,488 --> 00:05:49,589 Speaker 1: ambition that he had to, you know, one day 121 00:05:49,970 --> 00:05:56,190 Speaker 1: be a bit more comfortable. This is to be investment. 122 00:05:56,200 --> 00:05:57,700 Speaker 1: It really, it was a big gap 123 00:05:58,049 --> 00:05:58,399 Speaker 2: dividend. 124 00:05:59,690 --> 00:05:59,868 Speaker 1: But 125 00:05:59,880 --> 00:06:02,619 Speaker 1: when did it become serious? When it comes to the 126 00:06:02,630 --> 00:06:05,980 Speaker 1: conversation of money? I think when we started to talk 127 00:06:05,988 --> 00:06:07,039 Speaker 1: about like the next step at 128 00:06:08,029 --> 00:06:09,829 Speaker 2: this point together or not together 129 00:06:10,029 --> 00:06:12,349 Speaker 1: after that, we start talk about the future and then 130 00:06:12,359 --> 00:06:15,470 Speaker 1: like what we potentially have to pay for and like 131 00:06:15,480 --> 00:06:16,579 Speaker 1: what kind of lifestyle that 132 00:06:16,910 --> 00:06:21,399 Speaker 1: we envision for ourselves? Because some people like they are 133 00:06:21,410 --> 00:06:23,809 Speaker 1: satisfied with, for example, let's say holidays, they are very 134 00:06:23,820 --> 00:06:27,700 Speaker 1: satisfied with going to maybe somewhere around Southeast Asia once 135 00:06:27,709 --> 00:06:29,899 Speaker 1: a year and that's totally fine. But we like to 136 00:06:29,910 --> 00:06:32,359 Speaker 1: travel and we hope that we can travel like maybe 137 00:06:32,369 --> 00:06:36,070 Speaker 1: twice a year minimum when we talk about finances like house, 138 00:06:36,279 --> 00:06:41,470 Speaker 1: like insurance, like if we have kids next time, then 139 00:06:41,649 --> 00:06:43,109 Speaker 1: the money thing started to like, 140 00:06:43,850 --> 00:06:46,450 Speaker 1: so yeah, after that, we talked about like, you know, 141 00:06:46,678 --> 00:06:51,209 Speaker 1: the whole like job thing. Is it uncomfortable for all 142 00:06:51,220 --> 00:06:55,808 Speaker 1: the couples? Not really, not really. No, I don't think so. 143 00:06:55,820 --> 00:06:57,609 Speaker 1: I think if it's uncomfortable then, then 144 00:06:57,890 --> 00:07:00,820 Speaker 1: there needs to be the conversation in fact, if it's uncomfortable, right, 145 00:07:00,829 --> 00:07:03,029 Speaker 1: then why are you all together? It's like a big 146 00:07:03,040 --> 00:07:05,630 Speaker 1: part of the relationship. Ok. So do you guys combine 147 00:07:05,640 --> 00:07:08,920 Speaker 1: finances as a couple? Yes, we have a joint account. 148 00:07:09,010 --> 00:07:10,700 Speaker 1: We can join all the both salaries go into the 149 00:07:10,709 --> 00:07:14,809 Speaker 1: same account. Yeah. So I think unlocked also some savings 150 00:07:14,820 --> 00:07:15,920 Speaker 1: but savings, like 151 00:07:16,570 --> 00:07:18,559 Speaker 1: it's all about the future planning. 152 00:07:18,929 --> 00:07:20,299 Speaker 2: You guys same, 153 00:07:20,470 --> 00:07:23,279 Speaker 1: you put both your salaries in one account. No, no. Ok. 154 00:07:23,290 --> 00:07:25,880 Speaker 2: Separate because based on the amounts that you're earning, if 155 00:07:25,890 --> 00:07:27,600 Speaker 2: you hit a certain tier and then you leave a 156 00:07:27,609 --> 00:07:29,769 Speaker 2: certain amount of money in a certain account, the highest 157 00:07:29,779 --> 00:07:33,140 Speaker 2: interest when you collect interest, then expenditure is whatever makes 158 00:07:33,149 --> 00:07:34,519 Speaker 2: the most sense in terms of like 159 00:07:35,160 --> 00:07:36,970 Speaker 2: your your rewards. Lah. 160 00:07:37,000 --> 00:07:39,859 Speaker 1: So the joint account is for you guys to just 161 00:07:40,260 --> 00:07:41,890 Speaker 1: put some money in every month. 162 00:07:42,290 --> 00:07:44,850 Speaker 2: Yeah, but then at the same time I don't hold 163 00:07:44,859 --> 00:07:49,899 Speaker 2: a lot of cash like beyond like your emergency 164 00:07:50,190 --> 00:07:53,760 Speaker 1: dry powder. Yeah. Can teach us he is old. 165 00:07:57,269 --> 00:07:59,670 Speaker 2: So basically there are two schools of thought some people 166 00:07:59,679 --> 00:08:01,829 Speaker 2: say that like you need to have cash to go 167 00:08:01,839 --> 00:08:04,630 Speaker 2: in when the market is down. Other people are like 168 00:08:04,640 --> 00:08:07,549 Speaker 2: don't time the market just average out every month. So 169 00:08:07,559 --> 00:08:09,779 Speaker 2: then for me, I am more towards the letter where 170 00:08:09,790 --> 00:08:11,959 Speaker 2: I'm like, ok, I was just every month. I don't 171 00:08:11,970 --> 00:08:13,940 Speaker 2: think so much because I don't want to go and 172 00:08:13,950 --> 00:08:16,519 Speaker 2: over analyze like different industries and things like that. 173 00:08:16,720 --> 00:08:17,769 Speaker 1: Joe is nodding. 174 00:08:18,779 --> 00:08:24,109 Speaker 1: Hit snake powder, cooling powder very good. But how's your situation? 175 00:08:24,119 --> 00:08:26,480 Speaker 1: We have a joint account because we are planning for 176 00:08:26,489 --> 00:08:28,540 Speaker 1: a life in the US. It's a bit tricky for 177 00:08:28,549 --> 00:08:32,210 Speaker 1: us because right now we are working together and all 178 00:08:32,219 --> 00:08:35,849 Speaker 1: the money comes through my accounts and then eventually when 179 00:08:35,859 --> 00:08:37,179 Speaker 1: we're in the US. So we have an account in 180 00:08:37,190 --> 00:08:40,640 Speaker 1: the US where we parked our wedding money and we, 181 00:08:40,650 --> 00:08:40,789 Speaker 1: we 182 00:08:40,869 --> 00:08:42,988 Speaker 1: kind of like growing two separate accounts. So I handle 183 00:08:43,000 --> 00:08:46,250 Speaker 1: the Singapore side, he handles the US side and so 184 00:08:46,260 --> 00:08:49,929 Speaker 1: that we at least have a little bit both places here. 185 00:08:50,229 --> 00:08:51,059 Speaker 2: Offshore account 186 00:08:52,340 --> 00:08:52,739 Speaker 1: is that why 187 00:08:53,760 --> 00:08:58,119 Speaker 1: I know? But what are the benefits of having a 188 00:08:58,130 --> 00:08:58,849 Speaker 1: joint account 189 00:08:58,859 --> 00:09:03,729 Speaker 2: beyond the practical and functional like aspect of ok, you, 190 00:09:04,049 --> 00:09:06,409 Speaker 2: you based on the products that are on offer in 191 00:09:06,419 --> 00:09:08,039 Speaker 2: the market, then you max out, right? 192 00:09:08,270 --> 00:09:11,848 Speaker 2: I think there's also the element of accountability because then 193 00:09:11,859 --> 00:09:15,079 Speaker 2: when every month we agree you're supposed to put in 194 00:09:15,090 --> 00:09:16,820 Speaker 2: this amount, I'm supposed to put in this amount, then 195 00:09:16,950 --> 00:09:20,390 Speaker 2: it's a forced like savings or rather than being accountable 196 00:09:20,400 --> 00:09:22,130 Speaker 2: to yourself because some people, they don't have the 197 00:09:22,450 --> 00:09:24,390 Speaker 2: discipline to be accountable to yourself. 198 00:09:24,400 --> 00:09:28,108 Speaker 1: It's a tangible way to see your commitment to each 199 00:09:28,119 --> 00:09:31,150 Speaker 1: other beyond the ring. Yeah. Yeah. Yeah, for us is 200 00:09:31,159 --> 00:09:33,349 Speaker 1: that we have the same account and we pay our 201 00:09:33,359 --> 00:09:35,599 Speaker 1: mortgage to it. So it's very easy. So it's like 202 00:09:35,609 --> 00:09:37,900 Speaker 1: we sh I know she doesn't spend much. So it's ok. 203 00:09:37,919 --> 00:09:40,109 Speaker 1: Do you guys set any limits on spending and 204 00:09:40,215 --> 00:09:43,885 Speaker 1: have there been any disagreements on them fight or not? No, 205 00:09:44,265 --> 00:09:46,354 Speaker 1: not really. I think, I think he knows me well 206 00:09:46,364 --> 00:09:48,635 Speaker 1: enough to know that, like, I will not one day 207 00:09:48,645 --> 00:09:52,635 Speaker 1: come home with, like some branded back. I buy back. Right. $80. 208 00:09:52,645 --> 00:09:55,244 Speaker 1: I stand there for them long shooting. Three months, two 209 00:09:55,474 --> 00:09:56,794 Speaker 1: months later, haven't buy I buy 210 00:09:58,419 --> 00:10:04,729 Speaker 1: because I'm calling the Yeah, I mean, if I really 211 00:10:04,739 --> 00:10:06,320 Speaker 1: need the thing, then I will buy. If it's something 212 00:10:06,330 --> 00:10:08,570 Speaker 1: that is a bit more frivolous, like clothes or like 213 00:10:08,580 --> 00:10:11,159 Speaker 1: bags or whatever, then I will go back, think about 214 00:10:11,169 --> 00:10:14,280 Speaker 1: it for like one week plus two weeks. Then I'll 215 00:10:14,289 --> 00:10:17,679 Speaker 1: decide whether I want to buy what is a sale. 216 00:10:17,770 --> 00:10:18,699 Speaker 1: That's why you get me. 217 00:10:21,809 --> 00:10:25,299 Speaker 1: I saved. I think when it comes to big ticket items, 218 00:10:25,309 --> 00:10:27,510 Speaker 1: usually we will tell each other like, I don't know 219 00:10:27,520 --> 00:10:29,640 Speaker 1: what you all consider big ticket items, but like, if 220 00:10:29,650 --> 00:10:33,099 Speaker 1: you want to buy like a screen stuff then like 221 00:10:33,109 --> 00:10:35,988 Speaker 1: my one new screen, like 1002 I spend one year 222 00:10:36,000 --> 00:10:37,760 Speaker 1: to think about it before I buy. It. Sounds like 223 00:10:37,770 --> 00:10:38,880 Speaker 1: you guys are quite similar 224 00:10:39,309 --> 00:10:41,699 Speaker 1: in terms of like spending habits. There's one thing that 225 00:10:41,770 --> 00:10:44,820 Speaker 1: he doesn't understand, I say he doesn't understand, but I 226 00:10:44,830 --> 00:10:48,859 Speaker 1: have a weird thing about taking private hire. So I 227 00:10:48,869 --> 00:10:51,890 Speaker 1: don't like to take taxi if I can and sometimes 228 00:10:51,900 --> 00:10:52,780 Speaker 1: he'll be like just take it, 229 00:10:53,059 --> 00:10:55,530 Speaker 1: you know, but I say I have criteria when I 230 00:10:55,539 --> 00:10:59,330 Speaker 1: want to take taxi from Z to Changi. Ok. To 231 00:10:59,340 --> 00:11:03,339 Speaker 1: take train, I would take one. I really respect you. 232 00:11:03,559 --> 00:11:07,559 Speaker 1: Something that started because of like childhood or are you 233 00:11:07,570 --> 00:11:10,950 Speaker 1: just very good and safe? Yeah, actually mine is from 234 00:11:10,960 --> 00:11:14,309 Speaker 1: childhood because my mom, she was a single mom for 235 00:11:14,320 --> 00:11:18,229 Speaker 1: like the first maybe like 89 years of my life 236 00:11:18,239 --> 00:11:20,750 Speaker 1: and also how she struggled because she 237 00:11:21,340 --> 00:11:23,900 Speaker 1: couldn't take care of me by herself because she have 238 00:11:23,909 --> 00:11:25,719 Speaker 1: to go and work. Right. So she would like two jobs. 239 00:11:25,729 --> 00:11:27,718 Speaker 1: So she had to get a helper. 240 00:11:28,099 --> 00:11:29,750 Speaker 1: And then when she got a helper, there's also like 241 00:11:29,760 --> 00:11:34,080 Speaker 1: extra expenses. Then like afterwards when life got to be 242 00:11:34,090 --> 00:11:38,099 Speaker 1: better and she met my stepdad then like, the finances 243 00:11:38,109 --> 00:11:40,340 Speaker 1: got better and she tried to, I can tell that 244 00:11:40,349 --> 00:11:42,709 Speaker 1: she tried to give me a lot of things that 245 00:11:42,719 --> 00:11:46,049 Speaker 1: she feel I didn't have in the childhood. But that 246 00:11:46,059 --> 00:11:49,479 Speaker 1: kind of like scarcity mindset of like stuff. Right? It 247 00:11:49,489 --> 00:11:51,478 Speaker 1: is not a bad thing. It's just like a habit 248 00:11:51,619 --> 00:11:53,789 Speaker 1: it's up bringing I think. Yeah, because a lot of 249 00:11:53,799 --> 00:11:54,679 Speaker 1: how you view money, 250 00:11:54,914 --> 00:11:57,544 Speaker 1: like they say, the scarcity mindset kind of thing, right? 251 00:11:57,554 --> 00:11:59,955 Speaker 1: It honestly is from young and the way you see 252 00:11:59,965 --> 00:12:03,454 Speaker 1: your parents talk about money, the way they spend their money, 253 00:12:03,465 --> 00:12:06,734 Speaker 1: the way they give you pocket money or manage your purchases. 254 00:12:07,465 --> 00:12:10,494 Speaker 1: That's how you see money and like, you deal with 255 00:12:10,505 --> 00:12:10,744 Speaker 1: it as 256 00:12:10,755 --> 00:12:11,344 Speaker 1: an adult. 257 00:12:11,354 --> 00:12:14,075 Speaker 2: Actually, just a nice spending habit is quite different. I 258 00:12:14,085 --> 00:12:17,614 Speaker 2: spend quite a bit. So Jess is very similar to you, like, 259 00:12:17,625 --> 00:12:20,534 Speaker 2: where she doesn't really care for like the branded bags 260 00:12:20,544 --> 00:12:22,794 Speaker 2: or things like that. But then I like. 261 00:12:23,820 --> 00:12:27,390 Speaker 2: So the way that I do my finances is every 262 00:12:27,400 --> 00:12:31,530 Speaker 2: month there will be your recurring bills that's like spending 263 00:12:31,539 --> 00:12:34,830 Speaker 2: and expenses that, you know, in advance already. Then there 264 00:12:34,840 --> 00:12:35,340 Speaker 2: is like 265 00:12:35,719 --> 00:12:37,890 Speaker 2: your play money. Funny 266 00:12:37,900 --> 00:12:38,239 Speaker 2: money. 267 00:12:38,250 --> 00:12:40,119 Speaker 1: That's why I call it like that 268 00:12:42,010 --> 00:12:44,780 Speaker 2: every month is that amount that I set aside also. 269 00:12:45,229 --> 00:12:48,260 Speaker 2: And then that also depends on like variable expenses, like 270 00:12:48,270 --> 00:12:50,739 Speaker 2: sometimes unforeseen stuff that you spend on right. Then that 271 00:12:50,750 --> 00:12:53,960 Speaker 2: also will eat into your, into your play money. So 272 00:12:53,969 --> 00:12:55,839 Speaker 2: if like, I forsake or I need to go and 273 00:12:55,849 --> 00:12:57,579 Speaker 2: see a doctor or I spend something 274 00:12:57,929 --> 00:13:01,289 Speaker 2: like that I didn't expect to spend on, then I 275 00:13:01,299 --> 00:13:04,609 Speaker 2: have less play money that month. LA Yeah. So anything 276 00:13:04,619 --> 00:13:07,728 Speaker 2: left over then? Yeah, you can, you can spend guilt 277 00:13:07,739 --> 00:13:09,570 Speaker 2: free because you know that you've already covered your basis, 278 00:13:09,580 --> 00:13:12,809 Speaker 2: including your savings investments and your bills. So who 279 00:13:12,820 --> 00:13:13,859 Speaker 1: pays the bills 280 00:13:13,869 --> 00:13:14,710 Speaker 1: in your relationship? 281 00:13:15,859 --> 00:13:19,890 Speaker 1: It's easier. Yeah, I'll just plan for everything for most things. 282 00:13:20,570 --> 00:13:26,520 Speaker 1: Actually he pays for most. Yeah. Honestly, my credit card 283 00:13:26,530 --> 00:13:28,729 Speaker 1: sometimes I don't know how much I spend but it's 284 00:13:28,840 --> 00:13:31,159 Speaker 1: not so it's not, but it's not something that he 285 00:13:31,169 --> 00:13:36,270 Speaker 1: will see the bill and go the limit almost change 286 00:13:36,280 --> 00:13:36,640 Speaker 1: on the card. 287 00:13:37,075 --> 00:13:39,814 Speaker 1: Basically he gives me three credit cards and then he 288 00:13:39,825 --> 00:13:43,695 Speaker 1: was algorithm. Yeah, he simplified it until cannot be any 289 00:13:43,705 --> 00:13:46,244 Speaker 1: more simplified because he was like OK, this one you 290 00:13:46,255 --> 00:13:50,574 Speaker 1: use for transport, this one you use for shopping, 291 00:13:51,664 --> 00:13:52,655 Speaker 2: dining, travel 292 00:13:53,635 --> 00:13:53,684 Speaker 1: one 293 00:13:54,065 --> 00:13:57,655 Speaker 1: then this one you use for anything that's multiple of five. 294 00:13:58,929 --> 00:14:02,260 Speaker 1: That's so easy to understand. Imagine you even put like 295 00:14:02,270 --> 00:14:03,030 Speaker 1: a label, 296 00:14:04,049 --> 00:14:04,380 Speaker 1: label 297 00:14:05,659 --> 00:14:07,419 Speaker 1: you must put in the phone. They do test at 298 00:14:07,429 --> 00:14:14,689 Speaker 1: night just like this. He notices the other day. He said, oh, 299 00:14:14,700 --> 00:14:17,250 Speaker 1: I noticed that the transport card you used to pay 300 00:14:17,260 --> 00:14:19,320 Speaker 1: for food a few times. Then I'm like, you mean 301 00:14:19,330 --> 00:14:25,010 Speaker 1: you notice then he was like, yeah, OK. Next week, 302 00:14:25,530 --> 00:14:27,039 Speaker 1: next month just change. Yeah. 303 00:14:28,909 --> 00:14:30,820 Speaker 1: Are you struggling to have the money? Talk with your 304 00:14:30,830 --> 00:14:31,390 Speaker 1: partner 305 00:14:31,650 --> 00:14:31,830 Speaker 2: to 306 00:14:31,840 --> 00:14:34,989 Speaker 2: help you guys get started. PSB has put together some 307 00:14:35,000 --> 00:14:38,919 Speaker 2: good money habits to help you save, protect, grow and 308 00:14:38,929 --> 00:14:42,030 Speaker 2: retire to take you from your first paycheck all the 309 00:14:42,039 --> 00:14:44,989 Speaker 2: way to retirement across different life stages. 310 00:14:45,000 --> 00:14:46,659 Speaker 1: And if you're not sure where to start, you can 311 00:14:46,669 --> 00:14:48,729 Speaker 1: check out the article in the link in the description 312 00:14:48,739 --> 00:14:51,940 Speaker 1: box or speak to a P OS B Wealth Planning Manager. 313 00:14:53,409 --> 00:14:56,330 Speaker 1: So when one partner contributes more financially in a relationship, 314 00:14:56,340 --> 00:14:59,909 Speaker 1: does it affect the relationship dynamics? Not really, I'm happy 315 00:14:59,919 --> 00:15:00,090 Speaker 1: to be 316 00:15:01,580 --> 00:15:01,969 Speaker 1: love it. 317 00:15:02,570 --> 00:15:05,940 Speaker 2: There comes a point where you realize that actually get 318 00:15:06,099 --> 00:15:07,380 Speaker 2: your money is my money, my money, 319 00:15:07,390 --> 00:15:08,440 Speaker 1: but your team, 320 00:15:08,539 --> 00:15:09,900 Speaker 2: it doesn't make sense to be. So 321 00:15:10,669 --> 00:15:11,380 Speaker 1: the sadness 322 00:15:11,390 --> 00:15:13,780 Speaker 1: coming from you. I never felt it. 323 00:15:15,419 --> 00:15:18,049 Speaker 2: It's quite interesting because I have seen already before. People 324 00:15:18,059 --> 00:15:20,619 Speaker 2: like couples got this kind of money disagreement where they 325 00:15:20,630 --> 00:15:22,280 Speaker 2: feel like, oh, how can I keep paying? But then 326 00:15:22,289 --> 00:15:24,250 Speaker 2: like this person and it can be like is 327 00:15:24,260 --> 00:15:24,650 Speaker 1: minor 328 00:15:24,659 --> 00:15:26,510 Speaker 2: amount, minor amounts or so 329 00:15:26,520 --> 00:15:27,590 Speaker 1: they want it to be equal. 330 00:15:27,599 --> 00:15:30,440 Speaker 1: Maybe some people need the structure of a percentage. Then 331 00:15:30,450 --> 00:15:32,900 Speaker 1: in my opinion, I personally feel like one person's earning more, 332 00:15:32,909 --> 00:15:34,419 Speaker 1: it makes more sense for them to pump in a 333 00:15:34,429 --> 00:15:36,719 Speaker 1: little bit more if they're not ok with that, it's 334 00:15:36,729 --> 00:15:37,450 Speaker 1: up to the couple to 335 00:15:37,460 --> 00:15:38,289 Speaker 1: figure out. So 336 00:15:38,299 --> 00:15:40,989 Speaker 2: the only time that I will talk into like 337 00:15:41,299 --> 00:15:44,750 Speaker 2: just like things right? Will be like you this year 338 00:15:44,760 --> 00:15:47,260 Speaker 2: you top up CPF you top up this la that 339 00:15:47,270 --> 00:15:47,840 Speaker 2: kind of thing. 340 00:15:48,030 --> 00:15:48,150 Speaker 1: I 341 00:15:48,159 --> 00:15:51,030 Speaker 1: just, I just do, I never asked you go and 342 00:15:51,039 --> 00:15:53,940 Speaker 1: log in. Ok. Both of you shake hands. They can 343 00:15:53,950 --> 00:15:57,080 Speaker 1: be friends. No, really? I'm really standing in between this 344 00:15:57,090 --> 00:15:59,159 Speaker 1: right now. You should be sitting here, right. 345 00:15:59,169 --> 00:15:59,210 Speaker 2: I 346 00:15:59,219 --> 00:15:59,580 Speaker 1: feel 347 00:16:00,710 --> 00:16:02,679 Speaker 2: like as long as all those bases are covered, everything 348 00:16:02,690 --> 00:16:04,200 Speaker 2: else is fine. Sometimes less about the 349 00:16:04,210 --> 00:16:06,349 Speaker 1: micro stuff. It's like the macro stuff is done, right? 350 00:16:06,359 --> 00:16:08,479 Speaker 1: You're ok already. Yeah, but speaking of the micro stuff, 351 00:16:08,489 --> 00:16:10,200 Speaker 1: I do know that there are some couples that 352 00:16:10,510 --> 00:16:13,609 Speaker 1: even after maybe. Right. I hear before, like, 353 00:16:14,489 --> 00:16:21,619 Speaker 1: yesterday the dinner, $10 you haven't paid me back. Maybe 354 00:16:21,630 --> 00:16:23,539 Speaker 1: I go here before I go before. I mean, if 355 00:16:23,549 --> 00:16:28,500 Speaker 1: it works for them, yeah, there's so much disdain. I mean, 356 00:16:28,510 --> 00:16:33,789 Speaker 1: if it works for them. All right. So, what are 357 00:16:33,799 --> 00:16:36,840 Speaker 1: some money habits that you guys adopted that has worked 358 00:16:36,849 --> 00:16:40,830 Speaker 1: for both of you as a couple? I think you're 359 00:16:40,849 --> 00:16:41,469 Speaker 1: just here for the, 360 00:16:48,450 --> 00:16:52,070 Speaker 1: I think just automation, like, the moment the money comes in, right? 361 00:16:52,080 --> 00:16:53,580 Speaker 1: You just make sure that it's like sent out to 362 00:16:53,590 --> 00:16:55,940 Speaker 1: the different accounts that you need it to be at. 363 00:16:56,200 --> 00:16:58,469 Speaker 1: And then after that, like what Nick said is after 364 00:16:58,479 --> 00:17:00,849 Speaker 1: it's just funny money or play money. So you automate 365 00:17:00,859 --> 00:17:03,130 Speaker 1: everything so you don't have that mental overload and you 366 00:17:03,140 --> 00:17:05,020 Speaker 1: can use it for other things. Yeah. Yeah. 367 00:17:05,030 --> 00:17:07,399 Speaker 2: So for me, it's like I have a macro and 368 00:17:07,410 --> 00:17:09,869 Speaker 2: micro view of my money in and out. So like 369 00:17:10,420 --> 00:17:13,959 Speaker 2: even for this year, I would have already planned ahead 2025. 370 00:17:14,369 --> 00:17:19,139 Speaker 2: What is the target? Like your target network? 707 100 371 00:17:19,219 --> 00:17:22,938 Speaker 2: your portfolio must see a certain amount and I even 372 00:17:22,949 --> 00:17:25,280 Speaker 2: miles or so I will like forecast like, ok, this 373 00:17:25,290 --> 00:17:27,149 Speaker 2: trip I will use and redeem then this trip I 374 00:17:27,160 --> 00:17:29,750 Speaker 2: will like I was safe and then what's gonna expire 375 00:17:29,760 --> 00:17:30,429 Speaker 2: and things like that? 376 00:17:32,109 --> 00:17:37,329 Speaker 1: I never like I know I get 377 00:17:37,339 --> 00:17:38,000 Speaker 1: you, I get you, I get 378 00:17:38,010 --> 00:17:40,510 Speaker 2: you when there's that annual view. 379 00:17:40,895 --> 00:17:43,155 Speaker 2: Then you can, you have a rough plan to follow. 380 00:17:43,165 --> 00:17:47,194 Speaker 2: Then on a monthly basis, you can adjust accordingly like 381 00:17:47,204 --> 00:17:51,114 Speaker 2: unforeseen expenses. It's about removing friction points when it comes 382 00:17:51,125 --> 00:17:52,314 Speaker 2: to like simplifying 383 00:17:52,444 --> 00:17:52,895 Speaker 1: how much 384 00:17:52,905 --> 00:17:55,814 Speaker 1: of your salary do you guys save percentage? Rough? At 385 00:17:55,834 --> 00:17:59,224 Speaker 1: least 50 to 60 years actually. Yeah, it's quite, we 386 00:17:59,234 --> 00:17:59,984 Speaker 1: are quite high on 387 00:17:59,994 --> 00:18:01,844 Speaker 2: it. You call investment and saving. I call 388 00:18:01,885 --> 00:18:02,535 Speaker 1: it investment saving 389 00:18:04,025 --> 00:18:05,094 Speaker 2: about that 50 390 00:18:05,104 --> 00:18:06,194 Speaker 1: to 60 is 391 00:18:09,089 --> 00:18:11,420 Speaker 1: we always see online, there's that 50 392 00:18:11,430 --> 00:18:12,589 Speaker 1: 20 393 00:18:12,689 --> 00:18:14,968 Speaker 2: 50 30 20 a lot of different formulas. 394 00:18:15,890 --> 00:18:18,939 Speaker 1: So experts recommend setting aside at least 10% of your 395 00:18:18,949 --> 00:18:21,879 Speaker 1: take home pay every month and at least 3 to 396 00:18:21,890 --> 00:18:24,500 Speaker 1: 6 months of expenses as emergency cash. 397 00:18:24,969 --> 00:18:26,300 Speaker 2: No, but it's also because like, 398 00:18:26,579 --> 00:18:29,359 Speaker 2: I think a lot of these formulas are very us 399 00:18:29,369 --> 00:18:33,589 Speaker 2: based where rental is a very big expense and then rental, 400 00:18:33,599 --> 00:18:36,930 Speaker 2: you cannot count as saving slash investment. Whereas when you 401 00:18:36,939 --> 00:18:39,099 Speaker 2: buy a mortgage actually is part of your. 402 00:18:40,770 --> 00:18:44,119 Speaker 2: So yeah, it's not true because we have CPF and 403 00:18:44,130 --> 00:18:45,760 Speaker 2: things like that also. And I think the other thing 404 00:18:45,770 --> 00:18:50,369 Speaker 2: is that as we grow older and your income increases, 405 00:18:50,380 --> 00:18:52,949 Speaker 2: the increase will be mostly going into savings. 406 00:18:53,130 --> 00:18:53,510 Speaker 1: One thing 407 00:18:53,520 --> 00:18:55,520 Speaker 1: that I also observe about a lot of people that 408 00:18:55,650 --> 00:18:59,310 Speaker 1: just come up to work is that like, wow, first paycheck, 409 00:19:00,050 --> 00:19:02,839 Speaker 1: you know, that's all thing like wow, I hope every day, 410 00:19:02,859 --> 00:19:04,989 Speaker 1: that sort of thing. But a mind like that is very, 411 00:19:05,000 --> 00:19:08,469 Speaker 1: very dangerous because your ok, you may have increased in 412 00:19:08,479 --> 00:19:08,989 Speaker 1: your 413 00:19:09,369 --> 00:19:13,540 Speaker 1: income a little bit. But in your lifestyle inflation suddenly 414 00:19:13,550 --> 00:19:15,819 Speaker 1: you feel like, oh, I can, can drop a lot 415 00:19:15,829 --> 00:19:19,319 Speaker 1: of money on everything. Lifestyle creep is real. It is real. 416 00:19:19,329 --> 00:19:21,670 Speaker 2: So actually, do you have any fun ways of making 417 00:19:21,680 --> 00:19:24,188 Speaker 2: saving part of your like financial 418 00:19:24,199 --> 00:19:24,630 Speaker 2: routine? 419 00:19:24,660 --> 00:19:27,560 Speaker 1: I will say that financial literacy for me was like, 420 00:19:27,569 --> 00:19:31,909 Speaker 1: not a thing until I realized that 421 00:19:32,270 --> 00:19:34,399 Speaker 1: lifestyle creep. I have a dog. Now I have a cat. 422 00:19:34,410 --> 00:19:37,569 Speaker 1: Then you have to pay big bills like immigration fees. 423 00:19:37,579 --> 00:19:39,329 Speaker 1: I think I was like the biggest thing I purchase 424 00:19:39,339 --> 00:19:43,089 Speaker 1: I ever made and I stumbled across Dave Ramsey. So 425 00:19:43,099 --> 00:19:45,589 Speaker 1: he has this thing called a zero based budget. That 426 00:19:45,599 --> 00:19:47,319 Speaker 1: was the first time I ever heard of anything called 427 00:19:47,329 --> 00:19:49,159 Speaker 1: sinking funds. I was like, 428 00:19:50,189 --> 00:19:54,479 Speaker 1: where's the belt? But so basically what he does, right? 429 00:19:54,489 --> 00:19:57,489 Speaker 1: Every single dollar and cent is accounted for and that 430 00:19:57,500 --> 00:19:59,810 Speaker 1: works really well for me because I'm a very visual person. 431 00:19:59,900 --> 00:20:02,760 Speaker 1: So every month because I'm a freelancer, I don't get 432 00:20:02,770 --> 00:20:05,849 Speaker 1: a fixed income, but I set a fixed income for myself. 433 00:20:05,859 --> 00:20:08,229 Speaker 1: So let's say I know that there's this amount, right? 434 00:20:08,239 --> 00:20:10,930 Speaker 1: This amount will always go to my dog's food. This 435 00:20:10,939 --> 00:20:14,280 Speaker 1: amount will always go to my transport and I 436 00:20:14,400 --> 00:20:17,300 Speaker 1: as like bubble tea fund, I set aside like friend 437 00:20:17,310 --> 00:20:20,510 Speaker 1: birthday fun every time I'm sitting down and doing my funds, right. 438 00:20:20,599 --> 00:20:23,189 Speaker 1: I set aside all this money in a sheet that 439 00:20:23,199 --> 00:20:25,900 Speaker 1: I can see like if you spend less on bubble tea, 440 00:20:25,910 --> 00:20:29,300 Speaker 1: then you can spend more on toys, for example, and 441 00:20:29,310 --> 00:20:31,819 Speaker 1: I can transfer the money there. I tried with actual 442 00:20:31,829 --> 00:20:34,119 Speaker 1: cash before because I also like the sound of it 443 00:20:35,010 --> 00:20:37,310 Speaker 1: and I literally built a final facts in my wallet. 444 00:20:37,319 --> 00:20:38,579 Speaker 1: So a long wallet with taps 445 00:20:38,689 --> 00:20:42,489 Speaker 1: said bubble tea that said groceries that said transport, that 446 00:20:42,500 --> 00:20:44,869 Speaker 1: said whatever. And I built it, I built it in 447 00:20:44,880 --> 00:20:48,550 Speaker 1: a week by week basis. Instead of a monthly budget, 448 00:20:48,560 --> 00:20:51,410 Speaker 1: I set a weekly budget. So in a week it's 449 00:20:51,420 --> 00:20:54,000 Speaker 1: easier for me to visualize. It's like pocket money, your parents. 450 00:20:54,560 --> 00:20:57,219 Speaker 1: So I'll be at the barber shop like ok, I 451 00:20:57,229 --> 00:20:59,989 Speaker 1: got $5 left only right. But I still got like 452 00:21:00,000 --> 00:21:02,540 Speaker 1: $50 from my toys that I never spend. 453 00:21:03,270 --> 00:21:05,739 Speaker 1: Ok, move over. So now I got more money for poverty. 454 00:21:05,790 --> 00:21:08,478 Speaker 1: But I know this week I cannot buy any of 455 00:21:08,489 --> 00:21:13,079 Speaker 1: what your toys, for example, tangible. It's tangible and I 456 00:21:13,089 --> 00:21:16,458 Speaker 1: know that I know every dollar is accounted for and 457 00:21:16,469 --> 00:21:18,640 Speaker 1: if I earn more that month, it just goes straight 458 00:21:18,650 --> 00:21:22,030 Speaker 1: into savings. That's what works for me. It sounds like 459 00:21:22,310 --> 00:21:25,569 Speaker 1: but the works, I'm just surprised that you have a 460 00:21:25,579 --> 00:21:28,709 Speaker 1: Google sheet like him. Oh I know because we always 461 00:21:28,719 --> 00:21:30,839 Speaker 1: tease him about his sheets, right? And then you actually 462 00:21:30,849 --> 00:21:32,310 Speaker 1: have a 463 00:21:33,729 --> 00:21:37,300 Speaker 1: Yeah. So what about you guys? Do you use any 464 00:21:37,310 --> 00:21:40,760 Speaker 1: apps to track your spending or set your budgets? So 465 00:21:40,770 --> 00:21:43,948 Speaker 1: basically we have our joint account on PSB and then 466 00:21:44,250 --> 00:21:46,329 Speaker 1: both our salaries go inside and then we use that 467 00:21:46,339 --> 00:21:48,409 Speaker 1: to pay for our home loan with DB. And then 468 00:21:48,420 --> 00:21:49,958 Speaker 1: we also have the money, money out feature that we 469 00:21:49,969 --> 00:21:52,688 Speaker 1: can see where the money is going on. So that's 470 00:21:52,699 --> 00:21:54,739 Speaker 1: quite nice. Yeah, it's an easy way to see whether 471 00:21:54,750 --> 00:21:56,849 Speaker 1: we are spending more than we are making. I love 472 00:21:57,109 --> 00:21:58,119 Speaker 1: finding Nemo 473 00:22:00,420 --> 00:22:03,079 Speaker 1: when he opens his Excel sheet of all his credit 474 00:22:03,089 --> 00:22:05,649 Speaker 1: cards and all the expenditure and everything, everything is color coded, 475 00:22:05,660 --> 00:22:08,770 Speaker 1: everything is many different steps. Opening, I feel like I 476 00:22:08,780 --> 00:22:13,599 Speaker 1: entered the matrix. So it's really, yeah, at least you know, 477 00:22:14,609 --> 00:22:20,589 Speaker 1: cheating really then like the amount of like 478 00:22:21,239 --> 00:22:23,780 Speaker 1: power that he uses on his finances, right? So I 479 00:22:24,030 --> 00:22:26,349 Speaker 1: don't know, I feel like I feel like a chimpanzee 480 00:22:26,359 --> 00:22:29,650 Speaker 1: next to him sometimes, like really like, wow, like with 481 00:22:29,660 --> 00:22:32,560 Speaker 1: this kind of like money stuff, right? Structure stuff at 482 00:22:32,569 --> 00:22:34,979 Speaker 1: some point algorithm. You have like a few steps and 483 00:22:34,989 --> 00:22:37,270 Speaker 1: you go through that. They just like, how much is this? 484 00:22:37,280 --> 00:22:39,239 Speaker 1: What spending it is then pop up? Then you have 485 00:22:39,250 --> 00:22:39,959 Speaker 1: the answer is best 486 00:22:40,180 --> 00:22:40,290 Speaker 1: for 487 00:22:40,869 --> 00:22:42,139 Speaker 2: I track my credit card 488 00:22:42,290 --> 00:22:46,119 Speaker 2: expenditure like quite regularly actually, almost every day because you 489 00:22:46,130 --> 00:22:48,489 Speaker 2: must make sure you don't hit the cap for the mouse. 490 00:22:48,500 --> 00:22:52,670 Speaker 2: So then naturally you will be keeping track of your expenses. 491 00:22:52,930 --> 00:22:55,859 Speaker 2: There won't be any surprise like, oh, how come suddenly 492 00:22:55,869 --> 00:22:56,698 Speaker 2: like this amount 493 00:22:57,079 --> 00:22:58,000 Speaker 1: on the topic of 494 00:22:58,010 --> 00:23:01,390 Speaker 1: finance. How do you guys stay protected when it comes 495 00:23:01,400 --> 00:23:04,419 Speaker 1: to risk? Do you guys have insurance together? Yeah. Yeah. Yeah. 496 00:23:04,430 --> 00:23:07,430 Speaker 1: So I think other than working insurance, I'm a believer 497 00:23:07,439 --> 00:23:09,389 Speaker 1: in a bit. Invest the rest. 498 00:23:09,680 --> 00:23:11,550 Speaker 1: So we buy a yearly term plan that it's like 499 00:23:11,560 --> 00:23:15,079 Speaker 1: a certain amount and you say one more time bt 500 00:23:15,369 --> 00:23:18,719 Speaker 1: buy term investor episode is just Joey me and Amanda 501 00:23:18,770 --> 00:23:21,629 Speaker 1: just invest the rest. So the concept of term insurance 502 00:23:21,640 --> 00:23:23,680 Speaker 1: and life insurance is a bit different term you pay 503 00:23:23,689 --> 00:23:25,979 Speaker 1: and you never get anything back, but it's much lower 504 00:23:26,069 --> 00:23:29,500 Speaker 1: for the same amount of coverage. But if you buy 505 00:23:29,510 --> 00:23:31,139 Speaker 1: like life insurance, you can get some money back 506 00:23:32,040 --> 00:23:35,579 Speaker 1: but it's much higher. Yeah, yeah, so I'm the I 507 00:23:35,719 --> 00:23:39,369 Speaker 1: spend this which is in love. Let me just tell 508 00:23:39,380 --> 00:23:42,790 Speaker 1: you that I'm so sorry we've lost the man. 509 00:23:43,319 --> 00:23:44,560 Speaker 2: Have you seen it? 510 00:23:47,020 --> 00:23:47,920 Speaker 1: What about you? 511 00:23:47,949 --> 00:23:49,170 Speaker 1: Insurance? Ok. 512 00:23:49,180 --> 00:23:52,020 Speaker 2: So because we don't plan to have kids at this point. 513 00:23:52,119 --> 00:23:54,969 Speaker 2: So I'm quite light on insurance. The most important thing 514 00:23:54,979 --> 00:24:01,429 Speaker 2: to me is hospitalization, travel insurance and then I buy 515 00:24:01,439 --> 00:24:02,020 Speaker 2: them also. 516 00:24:02,520 --> 00:24:03,260 Speaker 1: Yeah, so 517 00:24:03,270 --> 00:24:05,800 Speaker 1: what are the key areas of insurance do you guys 518 00:24:05,810 --> 00:24:06,310 Speaker 1: recommend 519 00:24:06,319 --> 00:24:09,020 Speaker 2: to me? I think the main thing is to make 520 00:24:09,030 --> 00:24:11,979 Speaker 2: sure that anything that could potentially be a stressor in 521 00:24:11,989 --> 00:24:13,639 Speaker 2: your life is covered. So they 522 00:24:13,685 --> 00:24:20,584 Speaker 2: things like health, life, critical illness, your mortgage disability and 523 00:24:20,594 --> 00:24:24,354 Speaker 2: then any other general sort of insurance like travel, your 524 00:24:24,385 --> 00:24:24,694 Speaker 1: car 525 00:24:24,704 --> 00:24:25,145 Speaker 2: insurance. 526 00:24:25,155 --> 00:24:25,274 Speaker 1: Car 527 00:24:25,354 --> 00:24:26,655 Speaker 2: insurance and things like that 528 00:24:27,525 --> 00:24:30,224 Speaker 1: before we got married, we both got the term insurance 529 00:24:30,234 --> 00:24:32,604 Speaker 1: just to make sure that whatever expenses we have, if 530 00:24:32,614 --> 00:24:34,994 Speaker 1: any of us pass, then it will be covered. So 531 00:24:35,005 --> 00:24:36,474 Speaker 1: I think that was a big move that we did 532 00:24:36,484 --> 00:24:39,775 Speaker 1: together before getting married and getting a place together. I 533 00:24:39,785 --> 00:24:41,843 Speaker 1: think the other big thing also is we 534 00:24:42,160 --> 00:24:45,109 Speaker 1: figure out how to invest together like in a nice way. So, 535 00:24:45,219 --> 00:24:46,819 Speaker 1: I mean, what we do is we have a lot 536 00:24:46,829 --> 00:24:49,500 Speaker 1: of automated stuff. So we put the same joint account 537 00:24:49,560 --> 00:24:51,359 Speaker 1: and then when we do investments it just comes up 538 00:24:51,369 --> 00:24:53,919 Speaker 1: from the same joint account and even though it's like, 539 00:24:53,930 --> 00:24:55,910 Speaker 1: sometimes going to her account to put some is in 540 00:24:55,920 --> 00:24:57,670 Speaker 1: my account just to me a bit 541 00:24:59,030 --> 00:25:03,180 Speaker 1: and there is all automated and actually in terms of investments, 542 00:25:03,189 --> 00:25:05,290 Speaker 1: both of us have very different personalities. I'm a lot 543 00:25:05,300 --> 00:25:08,699 Speaker 1: more risk taking. Yeah. So usually I'm more risk averse 544 00:25:08,859 --> 00:25:12,109 Speaker 1: and he's like the, ok, let's play because he will, like, 545 00:25:12,119 --> 00:25:14,599 Speaker 1: monitor every day. That sort of thing. So, yeah. Yeah. 546 00:25:14,770 --> 00:25:16,729 Speaker 1: But that's why every time, even though I invest her 547 00:25:16,739 --> 00:25:19,198 Speaker 1: money for her. Right. I try to put in bonds 548 00:25:19,209 --> 00:25:21,349 Speaker 1: or in like t bills, things are like a lot 549 00:25:21,359 --> 00:25:23,150 Speaker 1: safer for her. So it's like, don't worry, this money 550 00:25:23,160 --> 00:25:24,790 Speaker 1: is insured by Singapore government. 551 00:25:24,829 --> 00:25:25,879 Speaker 2: If 552 00:25:25,890 --> 00:25:26,099 Speaker 1: you lose 553 00:25:26,109 --> 00:25:27,479 Speaker 2: your money you got bigger things to worry about. 554 00:25:27,489 --> 00:25:27,770 Speaker 1: Yeah. Yeah. Yeah, 555 00:25:28,579 --> 00:25:29,790 Speaker 1: exactly. Exactly. You 556 00:25:29,949 --> 00:25:32,119 Speaker 1: put out the Singapore government thing. Then everyone feels safe. 557 00:25:33,390 --> 00:25:36,400 Speaker 1: Then sometimes a few times that he invest for me 558 00:25:36,410 --> 00:25:38,599 Speaker 1: and then he was ok. Your money is here, here, here, here. 559 00:25:38,609 --> 00:25:41,739 Speaker 1: Then I'll be like, why is this number red color 560 00:25:41,750 --> 00:25:44,478 Speaker 1: with the arrow going down? Is it a good thing 561 00:25:44,489 --> 00:25:47,180 Speaker 1: or a bad thing? It's ok. It's ok. It's ok. Yeah, 562 00:25:47,189 --> 00:25:49,560 Speaker 1: it's like it's ok. It's ok. Sometimes it's green, sometimes 563 00:25:49,569 --> 00:25:49,688 Speaker 1: it's 564 00:25:50,739 --> 00:25:51,239 Speaker 1: ok. 565 00:25:51,280 --> 00:25:53,400 Speaker 2: What's important is 20 years from now is what color? 566 00:25:54,739 --> 00:25:56,530 Speaker 1: Honestly after this conversation, 567 00:25:56,979 --> 00:25:58,989 Speaker 1: I feel like you marry someone like this two men. 568 00:25:59,089 --> 00:26:00,800 Speaker 1: Very oh 569 00:26:00,810 --> 00:26:03,839 Speaker 1: my God, I want to be a, she's just like that. 570 00:26:04,930 --> 00:26:07,959 Speaker 1: The whole diamond is this supposed to be pink color? 571 00:26:09,609 --> 00:26:14,750 Speaker 1: See the potential diamond in the rough. Yeah, like like 572 00:26:14,780 --> 00:26:18,800 Speaker 1: like the face, right? Cannot eat, one cannot fund. Honestly, 573 00:26:18,810 --> 00:26:23,069 Speaker 1: I never understood investing until I talk to my friend 574 00:26:23,079 --> 00:26:25,079 Speaker 1: and she was basically explaining to me that 575 00:26:25,530 --> 00:26:28,069 Speaker 1: we are losing money to inflation. And when she put 576 00:26:28,079 --> 00:26:31,149 Speaker 1: it that way, I was like, you are right because 577 00:26:31,160 --> 00:26:33,089 Speaker 1: to me it's like why you want to play like 578 00:26:33,099 --> 00:26:36,929 Speaker 1: especially TV portraits. They are always like at the TV, right? 579 00:26:37,130 --> 00:26:39,680 Speaker 1: And I'm like this is terrifying. I think of like 580 00:26:39,689 --> 00:26:40,739 Speaker 1: the New York. Like 581 00:26:42,180 --> 00:26:44,819 Speaker 2: last time when we were young, we watch the drama. Yeah. 582 00:26:44,839 --> 00:26:47,569 Speaker 2: Then they always say I lost all my investment, then 583 00:26:47,579 --> 00:26:51,510 Speaker 2: I lost everything. There was such a common theme. Last 584 00:26:51,520 --> 00:26:51,709 Speaker 2: time 585 00:26:51,719 --> 00:26:52,760 Speaker 1: I was always like, 586 00:26:53,469 --> 00:26:55,420 Speaker 1: like this on TV. So I'm like, oh my God, 587 00:26:55,430 --> 00:26:56,020 Speaker 1: investments 588 00:26:56,060 --> 00:26:58,930 Speaker 2: are actually, it's quite, it's not that so that my 589 00:26:58,939 --> 00:27:01,639 Speaker 1: friend told me you can invest in companies that you like, 590 00:27:01,650 --> 00:27:04,719 Speaker 1: you can look up like companies that you feel for, 591 00:27:04,729 --> 00:27:07,949 Speaker 1: they can be almost not a charity but like organizations 592 00:27:07,959 --> 00:27:11,489 Speaker 1: that you align with morally, ethically as well. And I'm like, oh, 593 00:27:11,500 --> 00:27:11,879 Speaker 1: I never 594 00:27:11,890 --> 00:27:12,930 Speaker 1: thought about that. 595 00:27:13,030 --> 00:27:16,079 Speaker 2: Ok. So in terms of investing, experts actually recommend that 596 00:27:16,089 --> 00:27:18,849 Speaker 2: you set aside at least 10% of your take home 597 00:27:18,859 --> 00:27:20,060 Speaker 2: pay every month to 598 00:27:20,319 --> 00:27:23,419 Speaker 2: invest, which is, you know, it doesn't sound like much 10% 599 00:27:23,430 --> 00:27:26,339 Speaker 2: but it goes a long way because with compounding over time, 600 00:27:26,349 --> 00:27:28,780 Speaker 2: your money will grow exponentially as well. 601 00:27:29,839 --> 00:27:33,579 Speaker 1: And the compounding his chair, I actually got compounding. 602 00:27:37,699 --> 00:27:38,050 Speaker 1: I love me. 603 00:27:40,469 --> 00:27:41,000 Speaker 1: Question. 604 00:27:42,510 --> 00:27:43,000 Speaker 2: Ok. Guess 605 00:27:43,010 --> 00:27:45,879 Speaker 1: first guess first would you rather trust your partner to 606 00:27:45,890 --> 00:27:48,300 Speaker 1: hold on to and keep track of your savings or 607 00:27:48,310 --> 00:27:53,739 Speaker 1: the other way? Of course, my savings. He knows things 608 00:27:53,750 --> 00:27:55,380 Speaker 1: that I, I forgot I even bought. 609 00:27:56,739 --> 00:28:00,449 Speaker 1: I love that me. Would you rather have a low 610 00:28:00,459 --> 00:28:02,619 Speaker 1: paying job that you love or a high paying job 611 00:28:02,630 --> 00:28:04,659 Speaker 1: that you hate? I think I would prefer high paying job. 612 00:28:04,989 --> 00:28:07,140 Speaker 1: People say money come by happiness. I disagree. 613 00:28:08,650 --> 00:28:09,189 Speaker 1: I can agree 614 00:28:09,719 --> 00:28:12,369 Speaker 2: to compartmentalize. 615 00:28:12,670 --> 00:28:15,770 Speaker 1: Would you rather have more time or more money, more money? 616 00:28:15,780 --> 00:28:17,579 Speaker 2: Like when you have more time you have more time 617 00:28:17,589 --> 00:28:18,129 Speaker 2: to earn money, more 618 00:28:18,660 --> 00:28:21,540 Speaker 1: money doing your time. I'm happy. With 24 hours. 619 00:28:21,550 --> 00:28:23,879 Speaker 2: If you found $10,000 on the ground, how would you 620 00:28:23,890 --> 00:28:25,939 Speaker 2: split it between your parents, your partner, your best friend 621 00:28:25,949 --> 00:28:26,410 Speaker 2: and yourself? 622 00:28:26,420 --> 00:28:26,660 Speaker 1: You 623 00:28:26,670 --> 00:28:27,989 Speaker 1: will keep your 10 C, you think you can invest 624 00:28:28,000 --> 00:28:28,569 Speaker 1: better than them? 625 00:28:29,250 --> 00:28:29,400 Speaker 2: Yeah. 626 00:28:31,020 --> 00:28:34,839 Speaker 1: Between all these people. They say best friends, parents. 627 00:28:35,300 --> 00:28:38,390 Speaker 2: I'm in the best position to when it's 100 K, 628 00:28:38,479 --> 00:28:39,670 Speaker 2: I speed you 629 00:28:39,810 --> 00:28:41,670 Speaker 1: guys? Oh, my God. I found $500. 630 00:28:43,260 --> 00:28:46,479 Speaker 1: What expensive purchase would upset you if you found out 631 00:28:46,489 --> 00:28:51,369 Speaker 1: your partner bought it without discussing it with you first spicy. 632 00:28:51,410 --> 00:28:56,810 Speaker 1: Oh my God. Anything that is not on him myself 633 00:28:56,819 --> 00:29:01,609 Speaker 1: or immediate family. The dog can, can it on someone 634 00:29:01,619 --> 00:29:04,260 Speaker 1: that like, I don't really know very well then. And 635 00:29:04,270 --> 00:29:05,680 Speaker 1: you didn't consult me first, you 636 00:29:05,739 --> 00:29:08,650 Speaker 2: can buy anything for himself is fine. He suddenly come 637 00:29:08,660 --> 00:29:09,439 Speaker 2: back and buy a car 638 00:29:09,609 --> 00:29:10,189 Speaker 1: or a 639 00:29:11,140 --> 00:29:12,209 Speaker 1: bike. That is, 640 00:29:13,869 --> 00:29:16,579 Speaker 1: I'm really ok with it. We are both very chill 641 00:29:16,589 --> 00:29:19,859 Speaker 1: like that. I trust him as a person and if 642 00:29:19,869 --> 00:29:22,400 Speaker 1: he made a mistake, then we will work through it together. Oh, 643 00:29:22,410 --> 00:29:23,099 Speaker 1: so cute. 644 00:29:24,209 --> 00:29:26,619 Speaker 1: So how do you guys align your financial goals as 645 00:29:26,630 --> 00:29:29,150 Speaker 1: a couple? The long term plans are maybe 646 00:29:29,160 --> 00:29:31,969 Speaker 2: or even things like shorter term like say getting a car, 647 00:29:31,979 --> 00:29:34,680 Speaker 2: like having Children, that sort of thing. Would you have 648 00:29:34,689 --> 00:29:38,270 Speaker 2: already put those financial guard rails around? Like, 649 00:29:38,650 --> 00:29:40,680 Speaker 2: ok, we need to be prepared in case I think 650 00:29:40,689 --> 00:29:44,189 Speaker 1: a little bit. Basically I pull my colleagues and friends 651 00:29:44,199 --> 00:29:46,660 Speaker 1: who have kids and then understand roughly how much they 652 00:29:46,670 --> 00:29:48,719 Speaker 1: spend on a monthly and I put like a buffer 653 00:29:48,729 --> 00:29:52,280 Speaker 1: on it and make sure that my salary can cover it. 654 00:29:52,290 --> 00:29:54,680 Speaker 1: That's one. Yeah. And then obviously when the kid comes 655 00:29:54,689 --> 00:29:56,869 Speaker 1: to buy like policies for them or like foundation and 656 00:29:56,880 --> 00:29:58,660 Speaker 1: all the kind of things and in that context is 657 00:29:58,670 --> 00:30:01,140 Speaker 1: like long term stuff, right? Is that how much can 658 00:30:01,150 --> 00:30:02,680 Speaker 1: you put into the market? So that 659 00:30:03,339 --> 00:30:06,560 Speaker 1: even if you pass, you will have a nice spot 660 00:30:06,569 --> 00:30:07,079 Speaker 1: for the Kid 661 00:30:07,089 --> 00:30:08,689 Speaker 2: Legacy planning. 662 00:30:08,699 --> 00:30:09,239 Speaker 1: Actually, 663 00:30:09,250 --> 00:30:11,849 Speaker 1: one of our previous episodes, you were talking about retirement 664 00:30:11,979 --> 00:30:15,170 Speaker 1: and how all the more you should think about retirement 665 00:30:15,180 --> 00:30:17,130 Speaker 1: if you already know that you don't come from a 666 00:30:17,140 --> 00:30:20,089 Speaker 1: very financially strong background. And then it got me to 667 00:30:20,285 --> 00:30:23,055 Speaker 1: about what retirement looks like to me, like how that's 668 00:30:23,064 --> 00:30:27,685 Speaker 1: even possible. How do you guys envision your retirement life? 669 00:30:27,694 --> 00:30:30,645 Speaker 1: I think for me is I want to have kind 670 00:30:30,655 --> 00:30:32,444 Speaker 1: of like a life that every month or every few 671 00:30:32,454 --> 00:30:34,935 Speaker 1: months you have the opportunity to travel. So for me, 672 00:30:34,944 --> 00:30:36,795 Speaker 1: I benchmark my 673 00:30:37,569 --> 00:30:40,780 Speaker 1: retirement pot to be able to draw down on it 674 00:30:41,050 --> 00:30:43,300 Speaker 1: and be able to have that lifestyle and think it 675 00:30:43,310 --> 00:30:44,959 Speaker 1: is important as I just two types of investment. I 676 00:30:44,969 --> 00:30:47,030 Speaker 1: one is like super risky or like more risky where 677 00:30:47,040 --> 00:30:48,939 Speaker 1: it's like in the open market. And the type is 678 00:30:48,949 --> 00:30:53,079 Speaker 1: like we have the of the CPF. So I put 679 00:30:53,089 --> 00:30:54,609 Speaker 1: a lot of money into my CPF number one to 680 00:30:54,619 --> 00:30:56,790 Speaker 1: reduce the taxes that I have to pay every year 681 00:30:56,800 --> 00:31:01,390 Speaker 1: and then it has a stable return. So, even if 682 00:31:01,400 --> 00:31:03,130 Speaker 1: I burn my hands in the open market, I know 683 00:31:03,140 --> 00:31:04,089 Speaker 1: I will have my, 684 00:31:04,410 --> 00:31:07,989 Speaker 1: ah, retirement summer. Yeah. And then after that there's also 685 00:31:08,000 --> 00:31:12,819 Speaker 1: the SRS, so the supplementary retirement savings, I think. But 686 00:31:12,829 --> 00:31:14,689 Speaker 1: that one also, it depends on where your 687 00:31:15,430 --> 00:31:18,119 Speaker 1: salary. Once your tax bracket is really quite high, then 688 00:31:18,130 --> 00:31:19,910 Speaker 1: it's worth it. But for most people, I don't think 689 00:31:19,920 --> 00:31:20,170 Speaker 1: it's super 690 00:31:20,209 --> 00:31:20,579 Speaker 1: worth it 691 00:31:20,589 --> 00:31:23,089 Speaker 2: then actually, like in your retirement, do you plan on 692 00:31:23,099 --> 00:31:25,510 Speaker 2: having like passive income streams 693 00:31:25,829 --> 00:31:28,880 Speaker 1: outside of like the lump sum that we invest and 694 00:31:28,890 --> 00:31:31,660 Speaker 1: draw down from? Not really right now, there's no plans 695 00:31:31,670 --> 00:31:34,280 Speaker 1: for any side businesses and all that kind of stuff. 696 00:31:34,729 --> 00:31:36,959 Speaker 1: But at some point, if that becomes a thing, then 697 00:31:36,969 --> 00:31:38,609 Speaker 1: you can run on its own. Why not? But I 698 00:31:38,619 --> 00:31:40,380 Speaker 1: don't really believe in like passive pacific 699 00:31:40,833 --> 00:31:41,542 Speaker 1: that you have to work 700 00:31:41,552 --> 00:31:42,032 Speaker 1: towards it. 701 00:31:42,042 --> 00:31:43,272 Speaker 2: Yeah. Actually, I think that's the thing because a lot 702 00:31:43,282 --> 00:31:46,691 Speaker 2: of people always imagine passive income as like this dream 703 00:31:46,703 --> 00:31:50,083 Speaker 2: scenario where like, oh, suddenly, well, I don't do anything 704 00:31:50,093 --> 00:31:52,812 Speaker 2: and then like money will keep coming in. But actually 705 00:31:52,822 --> 00:31:54,633 Speaker 2: you put quite a lot of effort, like even being 706 00:31:54,642 --> 00:31:57,113 Speaker 2: a landlord, for example. Right? It's a lot of effort 707 00:31:57,733 --> 00:32:00,603 Speaker 2: and like make sure like the house is ok, your 708 00:32:00,613 --> 00:32:02,762 Speaker 2: tenant is happy paying on time. 709 00:32:02,772 --> 00:32:04,902 Speaker 1: It's all about actually. So that's why for me, I 710 00:32:04,912 --> 00:32:05,652 Speaker 1: believe in the, 711 00:32:05,745 --> 00:32:09,306 Speaker 1: the stock market and like just an, and stuff like 712 00:32:09,316 --> 00:32:11,594 Speaker 1: that on CPF because you know, it's safe even though 713 00:32:11,605 --> 00:32:14,125 Speaker 1: like the returns are not crazy, but you know, you're 714 00:32:14,135 --> 00:32:14,645 Speaker 1: gonna get it. 715 00:32:14,725 --> 00:32:17,916 Speaker 2: But I think the main takeaway based on what you're 716 00:32:17,926 --> 00:32:21,166 Speaker 2: saying is that it's important to also just like diversify. 717 00:32:21,365 --> 00:32:22,836 Speaker 2: So you don't put all your egg in one basket. 718 00:32:23,416 --> 00:32:23,696 Speaker 1: OK, 719 00:32:23,706 --> 00:32:26,125 Speaker 1: guys, to wrap this up, what would you say is 720 00:32:26,135 --> 00:32:29,776 Speaker 1: the most important factor in managing couple finance successfully? I 721 00:32:29,786 --> 00:32:30,526 Speaker 1: think that 722 00:32:31,280 --> 00:32:35,170 Speaker 1: getting in tune with your partner's spending habits. Number one 723 00:32:35,180 --> 00:32:37,699 Speaker 1: is very, very important because I think honestly that is 724 00:32:37,709 --> 00:32:40,719 Speaker 1: where a lot of arguments come about. Maybe one person 725 00:32:40,729 --> 00:32:42,949 Speaker 1: is more of a saver, another person is more of 726 00:32:42,959 --> 00:32:45,300 Speaker 1: a spender. Then you will need to know that whether 727 00:32:45,310 --> 00:32:47,390 Speaker 1: you can live with this for the rest of your life, 728 00:32:47,400 --> 00:32:49,219 Speaker 1: especially if you are going to a long term relationship. 729 00:32:49,229 --> 00:32:51,400 Speaker 1: So for me, I think it's more like, don't be 730 00:32:51,410 --> 00:32:54,839 Speaker 1: so calculative and really need to trust your partner. And 731 00:32:54,849 --> 00:32:56,119 Speaker 1: I think sometimes it's like 732 00:32:57,199 --> 00:33:00,739 Speaker 1: it depends on your personal ability and your interest, right? 733 00:33:00,750 --> 00:33:03,069 Speaker 1: So I remember that she knows that she, she's not 734 00:33:03,079 --> 00:33:05,459 Speaker 1: super interested in this, but she trusts me to help 735 00:33:05,469 --> 00:33:08,750 Speaker 1: her do it. So I think that's a very important 736 00:33:08,760 --> 00:33:11,579 Speaker 1: dynamic to have, right? You cannot both be like, don't 737 00:33:11,589 --> 00:33:15,719 Speaker 1: care or both be like to hate banging against each other. 738 00:33:15,729 --> 00:33:18,020 Speaker 1: So if you realize that that's not what you like, 739 00:33:18,030 --> 00:33:20,130 Speaker 1: just accept that somebody can help you. It's ok. It's 740 00:33:20,140 --> 00:33:20,619 Speaker 1: a partnership. 741 00:33:20,630 --> 00:33:20,680 Speaker 2: I 742 00:33:21,189 --> 00:33:24,099 Speaker 2: think the calculative portion is like super important because like 743 00:33:24,469 --> 00:33:27,699 Speaker 2: the way that I see Jess and I like financially 744 00:33:27,709 --> 00:33:30,130 Speaker 2: is like we are one because when you look at 745 00:33:30,140 --> 00:33:32,229 Speaker 2: it as like we are one entity, then you realize 746 00:33:32,239 --> 00:33:35,069 Speaker 2: that there is equal responsibility to make sure like our 747 00:33:35,079 --> 00:33:38,160 Speaker 2: shared finances are in good shape. The other thing also 748 00:33:38,170 --> 00:33:40,750 Speaker 2: is that like talking about spending habits, I feel like 749 00:33:40,760 --> 00:33:43,050 Speaker 2: pre marriage, there should be something that is aligned already. 750 00:33:43,119 --> 00:33:45,469 Speaker 2: But at the same time, spending habits, I realize like 751 00:33:45,479 --> 00:33:47,849 Speaker 2: can change also like there are people who buy branded 752 00:33:47,859 --> 00:33:50,599 Speaker 2: stuff and then they will spend. But the minute like 753 00:33:50,609 --> 00:33:52,670 Speaker 2: a kid comes right, then your priorities really shift and 754 00:33:52,680 --> 00:33:54,050 Speaker 2: like they like 755 00:33:54,520 --> 00:33:57,199 Speaker 2: wake up a bit, you know. So I think as 756 00:33:57,209 --> 00:33:59,979 Speaker 2: these spending habits evolve and change, then your partner needs 757 00:33:59,989 --> 00:34:01,599 Speaker 2: to be kept in the loop and there needs to 758 00:34:01,609 --> 00:34:04,410 Speaker 2: be a communication. Also, the important thing is that both 759 00:34:04,420 --> 00:34:05,550 Speaker 2: of you must be aligned though. 760 00:34:06,329 --> 00:34:06,589 Speaker 1: It's 761 00:34:06,599 --> 00:34:07,109 Speaker 1: true. True. 762 00:34:08,368 --> 00:34:10,078 Speaker 1: Thank you for joining us on the hot pot. You 763 00:34:10,089 --> 00:34:12,917 Speaker 1: can also listen to us on Spotify Apple podcast and 764 00:34:12,928 --> 00:34:15,208 Speaker 1: me listen and subscribe to our channel if you haven't 765 00:34:15,218 --> 00:34:15,718 Speaker 1: already. 766 00:34:15,729 --> 00:34:18,099 Speaker 2: And of course, a huge thanks once again to Amanda 767 00:34:18,108 --> 00:34:19,479 Speaker 2: and Justin for joining us. 768 00:34:20,168 --> 00:34:21,888 Speaker 1: Thank you. For having us. Thanks a lot. Thanks for 769 00:34:21,918 --> 00:34:24,718 Speaker 1: having us to find out more about PBS, money habits. 770 00:34:24,729 --> 00:34:27,118 Speaker 1: Go over to their website linked in our description box 771 00:34:27,128 --> 00:34:29,069 Speaker 1: below where you can read more to find out about 772 00:34:29,079 --> 00:34:31,118 Speaker 1: how you can improve your financial well being 773 00:34:31,128 --> 00:34:33,029 Speaker 2: and we will see you on the next episode. 774 00:34:33,039 --> 00:34:33,388 Speaker 1: Bye. 775 00:34:35,399 --> 00:34:39,770 Speaker 1: Pet insurance. Also, actually, my dog doesn't even play rugby. 776 00:34:39,979 --> 00:34:44,620 Speaker 1: She cannot see out there is the AC equivalent for 777 00:34:44,629 --> 00:34:49,049 Speaker 1: a dog. Oh my God. So whats is like CC 778 00:34:49,060 --> 00:34:51,679 Speaker 1: one side? Right? Because they li then after you see 779 00:34:51,889 --> 00:34:53,969 Speaker 1: the other like, oh my God, it's like my knees now. 780 00:34:54,679 --> 00:34:57,379 Speaker 1: I run. No, no, no. When I run right, my 781 00:34:57,389 --> 00:34:59,319 Speaker 1: left side pain I put knee got, then my right side.